USA Today sat down in an interview with Wells Fargo (WFC) CEO John Stumpf to hear his forecast for the future housing market.
Wells Fargo kickstarted the fourth-quarter earnings season Jan. 14, posting double-digit earnings growth.
When asked what he is looking for in 2014, Stumpf explained that while he does see improvement, it will not be a blockbuster-hitting year.
"I think you are going to see increases in the value of homes by between 3% and 5% year over year. I think we will see a mortgage market that is largely dominated by purchase money. It would not surprise me if we were in a $1 trillion- to $2 trillion-mortgage marketplace. I think we will see continued job creation, albeit not as strong as we would like to see. Gas prices, it would not surprise me to see them moderate or stay where they are right now. I think we will see a little better economy than 2013. I'm optimistic. But I don't think it's gonna be a breakout year. I don't think we're at that point yet."
